Are you satisfied? Do you feel fulfilled? Or are you working long hours, frustrated with the lack of profits and business growth or feeling trapped in a business where everything is dependent on you?
Well if you are the latter then you are not alone.
Over 80% of business owners run businesses which provides them with a level of earnings which in honesty they could get or exceed if they were employed. Of the remainder the majority are earning good profits but still working long hours and invariably feel trapped in their businesses. Only a few business owners have created what I would call the dream business – a business which is both highly profitable and one in which the business owner spends hardly any time working in the business and just a few hours each week giving the business direction. For those few most of their time is spent enjoying their lives – holidays, golf, living the dream!
So what is going wrong for the majority? What are those small percentage of business owners doing which the rest aren’t?
The simple answer is they have a different mind-set.
Creating a business which operates largely without you will invariably require you to engage a team that can do all the work themselves. This involves building a great team and trusting the team to look after your customers, the money in the company and to make key decisions in the operation of the business and driving business growth.
For most business owners this is a step too far. They think of the money they have to pay employees, the risk that employees may run off with their customers and money, the thought that no one can do the work as well as they can.
As a result most business owners look for some magic panacea. They try and find ways to be highly efficient with their time, they try to automate everything using cloud accounting software, they lower prices, chase after every piece of work going, keep pushing for that next big job which will somehow make all the difference!! The problem is that fundamentally nothing has changed. The mind-set is very much entrenched in their working in the business and not creating a differentiating factor to set them apart from their business competitors.
So how have the few become successful?
The answer is they have created businesses which have three fundamental characteristics:
They are unique in that they have set themselves apart from their competition. People aren’t drawn to most small businesses because they are cheap but because of quirkiness, quality, creativity, fantastic customer service, reliability or convenience. Their uniqueness is fundamental to the service or products the business offers and is highlighted in the business’ marketing.
Demand– they have identified their ideal client, their target market. They are not trying to be all things to all people. Too many businesses focus on trying to get the biggest pool of clients possible and end up taking on customers who simply drain the life out of the business owner. We have all had customers like this. The ones who are ridiculously demanding, always finding fault and who moan about your prices. They consume your time to the detriment of those customers who you really enjoy working for and who are profitable.
Systems– this isn’t just about the software or systems of how you do the work but building systems which avoid the trap of you having to work significant hours in the business. This is about the team, working practices and software coming together to such a level that your business can operate on a day to day basis without you.
Getting all three fundamental characteristics coming together creates the perfect business ripe for huge growth.
The reality is that concerns about team members stealing your business are largely unfounded. There are very few individuals who are prepared to take the financial risk of setting up a business. They don’t want the responsibility. They want to go home at 5pm and forget about work. It is therefore unlikely that they will steal your customers and even if they did try to do so can they really create the environment where they offer the same level of service or quality of product as you? Setting up a successful business is not straight forward.
This is where we can help. We offer a range of additional services above that of the usual accounts preparation starting with getting your mind-set right and focusing on what really matters to grow your business.
The first thing we need to do is to discover your destination. How much real profit do you want to make, what hours do you want to work, what impact do you want to make and ultimately what is your exit strategy?
We then need to review your business and establish with you what is unique about your business, who and where your perfect customers are and then create systems to build that ideal business. Together we will create a strategic plan to create the business you want and dispel those concerns that are holding you back.
We then monitor the plan, hold you to account for your actions (or lack of action if necessary), interpret the results, make changes and work with you to amend the plan where necessary.
Ultimately the aim is to grow the business in the right way with increased profits and with you having the right level of involvement in the business. This doesn’t happen overnight. It takes time with lots and lots of small deliberate steps aimed at building that perfect business. It also takes a huge investment in our time and yours to make this happen and for most people this will be too much.
The reality is that most business owners will not be prepared to make that investment and will continue to look for a magic panacea. Ultimately they will most likely remain frustrated.
We offer clients a comprehensive Business Advisory service centred around business growth and driving success.
If you are intrigued about how we can work with you to help you grow your business and change your life then please contact us to book up your discovery meeting.
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Are you hungry for success? If you run a small to medium size business and you want to grow your sales, increase profitability and pay less tax then you have come to the right place.
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